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The startup Tala has secured $145 million in Series E funding. The company announced the funds today at its annual tech conference in San Francisco. According to Techcrunch, the startup will use the money to continue to improve its network and expand into new markets.
Tala raises $145 million in Series E funding
Tala is a fintech startup that helps people improve their financial lives. They provide loans to consumers and small businesses. It uses mobile phone data to help people build credit profiles. Their product is available in India, Mexico, Philippines, and Kenya. The company has a total of six million users.
Tala has grown rapidly since its inception seven years ago. Currently, Tala has over 12,000 users signing up to its platform each day. This is because the company has expanded its business internationally.
The company aims to bring credit and financial services to the underbanked and developing world. Using mobile data, Tala’s team of microlenders can offer loans of between $10 and $500. Customers can apply and get loans through the Tala app.
The company has offices in Bangalore, India, and Santa Monica, California. Tala is backed by a number of leading venture and impact investors. These include PayPal Ventures, Upstart, Revolution Growth, GV, and Stellar Development Foundation.
Since its inception, Tala has delivered over USD 2.7 billion in credit to its customers. Despite having a relatively modest budget, the company is growing quickly. Several thousand users sign up for the company’s loan service each day.
Tala recently entered into a partnership with Visa. This will allow Tala users to send and spend the stablecoin cryptocurrency USDC anywhere Visa is accepted.
Tala CEO speaks at Tala event
A recent tally of the fintech scene reveals that Tala has scored a slew of funding. This includes the big three, including Upstart, J. Safra Group, and Kindred Ventures. The company has raised more than $105 million in total. As for what to do with the cash, Tala will be looking to expand its product suite into India and Mexico. For starters, the company has already opened offices in London and Nairobi. In addition to these cities, the company has established a sizable presence in the Philippines.
Touted as the world’s first smartphone-based financial service provider, Tala is currently offering a range of digital and mobile financial services to the masses. In the ensuing five years, the firm has been responsible for more than $225 million in microloans, the largest of which is a $1 million loan for an aspiring doctor. Although the company is headquartered in Los Angeles, the team has a growing footprint in Asia, Europe, Africa and the Middle East.
On the home front, CEO Shivani Siroya is the ringmaster, the company’s mobile app offers consumers access to a variety of banking and credit options. The company’s proprietary software powers its lending model, allowing it to achieve higher approval rates than the average brick and mortar bank.